88 percent felt homeownership was a wise long-term investment. 92 percent reported that they plan to become homeowners.

Jocelyn Vasquez lives proof of those statistics.

Her parents taught her early that homeownership was the American dream. Her Hispanic parents who immigrated from El Salvador in 1978, believed that homeownership was a big dream.

Jocelyn made the dream a reality by setting herself an aggressive goal:

“My goal, as a U.S. citizen, was to graduate college and get a house before turning 30,”Jocelyn. “And, I wanted to do it on my own.”

Los Angeles resident, Lisa, created a road map to help her achieve this. She saved money, went to college, and paid down as much student loan debt as she could – all while not burdening her parents.

Jocelyn started her career as a loan assistant shortly after graduating. After three years, she was able to fully grasp what was required to qualify for a loan. She realized the moment she was missing the mortgage qualification criteria. “I really could buy my own home someday.”

She was now serious. Jocelyn found a second job because California real estate can be so expensive. She obtained her real-estate license and was able to work part-time as an agent.

It took her three-years to save money, pay bills, and reach a debt-to-income ratio (DTI), low enough that she could qualify for a loan. Many lenders won’t allow a borrower to have more than 45 percent of their gross monthly income. After she had achieved this, it was now time to implement her plan.

Jocelyn sought a house for less than $300,000. It was not an easy task in Los Angeles. She looked at 16 properties before finding a 2-bed/2-bath home. For $285,000., she bought a 2 bedroom, 2 bath townhouse with a garage and a 2-car garage. She took the weekend to consider it before she made an offer. Unfortunately, her hesitation led to her being turned down. The seller had already accepted an agreement by Sunday night. Jocelyn was distraught.

“I felt so discouraged, I didn’t know what to do,”She agreed.

“After all my hard work and determination, I couldn’t believe I had missed out on this house. But I told myself what I tell all my buyers, ‘If it’s meant to be, it will be.'”

It was meant to be. Jocelyn received an alert on her mobile phone five days later informing her that the house was now back on the market for $7,000 less. Jocelyn called the agent of the seller immediately, and he informed her that the first buyer had decided to withdraw from the deal because his truck wouldn’t fit into the garage. Jocelyn was quick to increase the asking price to $278,000.

Jocelyn combined conventional financing with private mortgage insurance to make a down payment of less than 20%. With diligent savings, she was able make a five-percent downpayment of $13,900. Her current monthly payment of $2,000.020 is exactly the amount she paid to rent her former 1-bed, 1-bath, and 640-sq.ft apartment in downtown LA.

“This is the best investment I’ve ever made,”Jocelyn. “In the two years I’ve owned my home, its value has increased by almost 15 percent. It took a very long time, but I knew my plan would work eventually. And, I did it all on my own at age 28. My goal now is to help other Hispanic homebuyers realize the American dream of owning their own home.”

Visit our website for more first-time homebuyer stories. readynest.com.

 

1 Based on Fannie Mae’s 2018 National Housing Survey